ECB Foreign Exchange Intervention and the EURO: Institutional Framework, News, and Intervention
AbstractUsing a unique intervention â€œnewsâ€ data set, this paper investigates the impact of ECB intervention and intervention-related news (newswire reports) on the Euro exchange rate. A time-series study of news generated by ECB officials and market participants regarding intervention and the value of the Euro as well as an event study of firm reports of ECB intervention is conducted. Both studies find significant short-run effects on the Euro value, while only â€œnegativeâ€ statements (official statements denying past intervention or ruling out future intervention) appear to have persistent effects. Copyright Kluwer Academic Publishers 2002
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Bibliographic InfoArticle provided by Springer in its journal Open Economies Review.
Volume (Year): 13 (2002)
Issue (Month): 4 (October)
Contact details of provider:
Web page: http://www.springerlink.com/link.asp?id=100323
foreign exchange market intervention; Euro; central bank intervention;
Other versions of this item:
- Rasmus Fatum & Michael M. Hutchison, . "ECB Foreign Exchange Intervention and the Euro: Institutional Framework, News and Intervention," EPRU Working Paper Series 02-10, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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by jfrankel in Jeff Frankels Weblog on 2014-03-16 14:35:37
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